MIRA INFORM REPORT

 

 

 

Report Date :

16.12.2008

 

IDENTIFICATION DETAILS

 

Name :

UNICHEM SERVICES (PTY) LTD

 

 

Registered Office :

27 Island Circle, Riverhorse Valley, Avoca, Durban North, Kwazulu Natal

 

 

Country :

South Africa

 

 

Date of Incorporation :

27.11.1997

 

 

Com. Reg. No.:

1997/014779/07

 

 

Legal Form :

Propriety Limited

 

 

Line of Business :

Import and local distribution of raw materials.

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Small Company

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

COMPANY NAME

 

UNICHEM SERVICES (PTY) LTD

 

 

PHYSICAL ADDRESS    

 

27 Island Circle

Riverhorse Valley

Avoca

Durban North

Kwazulu Natal

 

 

POSTAL ADDRESS   

 

P O Box 4205

Riverhorse Valley East

4017

Telephone Number:     031 576 0600

Fax Number:                031 576 0620

Cellular Number:         082 477 4762

 

 

SHAREHOLDERS

 

S ACRAM

S CHETTY

 

 

ASSOCIATE COMPANIES

 

None

 

 

DIRECTORS

 

S AKRAM (resident in UK)          D.O.B. 431210

S CHETTY                                ID No. 6904245148082

 

 

BANKERS

 

STANDARD BANK, Durban branch, account number 052374610.  It was stated that the subject does not require overdraft facilities as credit balances are maintained at the bank.

 

DATE REGISTERED

 

27 November 1997

Registration Certificate Number 1997/014779/07

 

 

VAT NUMBER    

 

4240171415

 

 

MAJOR OPERATION

 

Import and local distribution of raw materials.

 

 

MAJOR SUPPLIERS

 

The subject imports all of its supplies and deals locally with:

 

EGL LOGISTICS

 

 

MAJOR CUSTOMERS OR BUSINESS SECTORS

 

Petroleum, cosmetic and textile industries.

 

 

AREA OF DISTRIBUTION AND SELLING:  

 

South Africa

 

 

EXPORTS

 

African countries

 

 

TOTAL EMPLOYEES

 

13

 

OTHER PREMISES   

 

None

 

 

OWNED OR LEASED

 

Leased

 

Full financial information was not forthcoming from respondents at the company, however, it was stated that the turnover per month is R5 000 000.

 

 

AUDITORS    

 

AITKEN LAMBERT ELSWORTH Durban

 

 

YEAR END    

 

FEBRUARY

 

 

INSURANCE BROKERS 

 

SAKTI

 

 

TRADE REFERENCES – JANUARY 2007

 

      ACCOUNT    HIGHEST       AVERAGE      TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    May 2005     R500 000       R300 000 -      7 days      7 days          Very good

                                               R500 000

 

 

CURRENT TRADE REFERENCES

 

      ACCOUNT    HIGHEST       AVERAGE      TERMS     PAYMENT    EXPERIENCE

      OPENED      CREDIT         CREDIT                          PATTERN

 

1.    Feb 2007      R200 000       Declined         30 days     30 days        Excellent

                          c/l

 

 

COMMENTS

 

This is an established company that is not a general credit seeker locally. The subject is meeting its one commitment timeously. The subject is considered equal to its normal business engagements. A figure of US$1 000 000 is considered too high and should be to a lesser extent on a well spread basis.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.47.82

UK Pound

1

Rs.73.08

Euro

1

Rs.65.56

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions